2nd April 2021
U.S. Job Economy Gets Closer To Pre-pandemic Levels, OPEC Agrees To Boost Production And Insurtech Firms Have Their Moment
Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Economy - U.S.] U.S. employers added a seasonally adjusted 916,000 jobs in March, the Labor Department said Friday. The gain affirms an accelerating employment trend after a winter stall and could be the start of a prolonged stretch of strong job creation.
[Oil] OPEC and an alliance of other top oil producers agreed to boost their collective production by more than two million barrels a day over coming months, betting on resurgent demand as they and the rest of the world assess the economic consequences of the pandemic’s trajectory.
[Insurance] Next Insurance, a company that sells small-business coverage across several categories (workers’ comp, commercial auto, general liability, etc.) for different classes of workers, recently announced that it had raised a $250 million round. This values the insurance provider at $4 billion. Insurtech companies are having their moment now as other companies in this space have attracted large funding rounds and even IPOs such as Lemonade (rental-insurance) and Root Insurance (car-insurance).
[M&A] Pioneer Natural Resources, one of the biggest independent oil operators in the U.S., is to buy rival Texan producer DoublePoint Energy in a $6.4bn cash and stock deal as consolidation in the country’s battered shale patch rolls on.
[Fraud] The U.S. food delivery app DoorDash has accused its partner Olo of defrauding it for years and using the revenues to strengthen its position ahead of its recent initial public offering. Restaurants use olo’s software to manage their orders from multiple apps, such as DoorDash, Uber Eats and others, on a single platform. It charges a fee to the delivery companies for each order it processes.
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